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Hi Friends,

Need your inputs/advise on the following :

Current stage of construction : Ground floor block work and roofing completed. First floor roofing under progress.
SBI Home loan amount sanctioned : Rs 40 Lakhs
Sanctioned Plan : G+2
First disbursement at the time of start of construction : Rs 10 Lakhs

Though I have got the sanction plan for G+2, I am planning to build only G+1 right now. For which SBI is saying that in that case they would be giving only Rs 28 lakhs loan for construction and not Rs 40 lakhs since it would be now G+1 only.

My requirement is I need Rs 32 lakhs for the construction and Rs 3 lakhs for Interiors. So I need a total funds of Rs 35 Lakhs.

My query is :

Can I apply for 6 to 7 lakhs loan for interiors in the exisitng loan account, since there would be sufficent sanction limit up to Rs 40 lakhs.
Or do I need to submit a revised estimate of construction cost, so that bank gives me entire 35 lakhs loan.

Awaiting your valuable advise

Regards,
Vajra

Hi,

SBI is very strick on Estimate, Please revise your construction cost which suits to your needs of 35 Lakhs.
SBI estimator will check every details and provide the final sanction amount, as Home loan is subjected to Tax exemption and Banks will do through verification for loan disbursement.

Regarding the Interiors to consider 6 -7 Lakhs during the Sanction, but the issue is while dispersing you need to submit the actual VAT bill which might not cover 6 -7 Lakhs, so only you will get whatever the bills are submitted. So revise your estimate and provide the details accordingly by putting Premium brand cost and suit your purchase as per need and cost.

Thank you Chida_gs for your inputs.

But I did enquire in SBI today about the revised estimate. They said if it is G+1 instead of G+2 they would still given only about 28-30 lakhs as is the situation now.

SBI's intention is that the borrower also has to put his share in the construction cost, which is a fair intention & I dont deny.

About interiors loan, I will only be eligible if the construction of G+2 is complete. As I am now planning for only G+1 now, I will only be eligible for 28-30 lakhs max.

Now, I have to scout for alternate source of loan/funds for the balance 5-7 lakhs.

If I build just one room on the 2nd floor, will SBI still consider that G+2 and give me the entire 40 Lakhs that has been sanctioned

Can any one throw light on that?

Regards,
Vajra